What’s Missing in Business and Politics: Trust

Well, I’m back from a week’s vacation at Hilton Head. But I can’t seem to get that excited about any of the stories being churned to death by the mainstream media. Sure. I fret about Katie Holmes and Tom Cruise, just like everyone else. And Ann Curry got the shaft on Today, apparently because she didn’t measure up on the cooking segments. Go figure.

Maybe it’s the hot, humid weather in NE Ohio and elsewhere. I’ve been trying to hit the concrete or chase the treadmill belt most days, but August is my least favorite month to run. And it’s been August now since May. I know. Plenty have it worse: our soldiers in Afghanistan and the fire fighters who saved the community in Colorado that I’m planning to relocate to before Labor Day.

And maybe it’s the presidential election campaign — which seems to me to be entering its fourth year now. Will this long national nightmare ever end? Hate to admit this. But the more ads I watch the less I trust both candidates and both political parties. If Pinocchio ran as a third-party candidate, he’d win. At least we would know for sure when he was fibbing.

Or not.

It appears that doing the wrong thing is pretty acceptable these days, especially on Wall Street. Here’s an interesting story from Reuters: “Quarter of Wall Street Executives See Wrongdoing As Key To Success: Survey“:

July 10 (Reuters) – If the ancient Greek philosopher Diogenes were to go out with his lantern in search of an honest many today, a survey of Wall Street executives on workplace conduct suggests he might have to look elsewhere.

A quarter of Wall Street executives see wrongdoing as a key to success, according to a survey by whistleblower law firm Labaton Sucharow released on Tuesday.

In a survey of 500 senior executives in the United States and the UK, 26 percent of respondents said they had observed or had firsthand knowledge of wrongdoing in the workplace, while 24 percent said they believed financial services professionals may need to engage in unethical or illegal conduct to be successful.

Oh, mama. Don’t let your babies grow up to be investment bankers.

Better, if they want the big bucks, that they become CEO of a company involved in a merger. That’s where the big buck are. For example, here’s from the NYT: “Ouster at Duke Energy Draws Scrutiny in North Carolina“:

A boardroom coup at Duke Energy, the nation’s largest electric utility, is expected to come under scrutiny on Tuesday when North Carolina regulators question the company’s chief executive.

James E. Rogers, Duke’s chief, has been in a harsh spotlight since last week, when Duke closed its $26 billion merger with Progress Energy, a rival. The transaction, struck 18 months ago, called for Progress’s chief executive, William D. Johnson, to run the combined company. But just hours after the deal’s completion, the Duke-dominated board ousted Mr. Johnson and put Mr. Rogers in charge.

Duke’s directors, including Mr. Rogers, have refused to discuss the reasons for the switch. Neither has Mr. Johnson, who received an exit package worth up to $44 million and signed an agreement not to disparage the company.

Wow. A $44 million exit package for a guy, Mr. Johnson, who according to The Daily Mail only had the job for 20 minutes.

Oh by the way. Rogers, Duke’s former and I guess now current chief, is heading what apparently has been up to this point a rather lackluster  fundraising effort for the Democratic National Convention in Charlotte. Maybe he should put the arm on Mr. Johnson for some cash.

LOL

 

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